香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 延遲寄發通函 內容有關 (1)主要及關連交易－收購協議 (2)建議非公開發行人民幣股份以募集配套資金 延遲寄發通函 誠如該公告所披露，本公司通常須遵照上市規則的規定於刊發該公告後15個營業 日內、且須根據收購守則規則8.2的規定於該公告日期後21日內（就此而言，即 於二零二五年九月二十一日或之前）向股東寄發一份通函，當中載有（其中包括） (i)建議收購事項、建議非公開發行人民幣股份、特別授權及清洗豁免的進一步詳 情；(ii)獨立董事委員會致建議收購事項上市規則獨立股東及收購守則獨立股東之 函件，載有其對建議收購事項、建議收購事項特別授權及清洗豁免的推薦建議； (iii)獨立財務顧問致獨立董事委員會、收購 ...

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

Group 1 - The Hang Seng Index rose by 0.12% at midday on September 19, while the Hang Seng Tech Index increased by 0.62% [1] - Semiconductor stocks showed strong performance, with Hua Hong Semiconductor rising nearly 4% and SMIC increasing by 1.51% [1]

Core Viewpoint - Huahong Semiconductor has experienced a significant stock price increase, reflecting strong market interest and performance in the semiconductor industry [1][2]. Group 1: Company Overview - Huahong Semiconductor, established on January 21, 2005, specializes in foundry services for specialty process wafers, including embedded/non-volatile memory, power devices, analog and power management, and logic/RF [1]. - The company primarily operates in the domestic market, with its main revenue sources being integrated circuit foundry services (94.60%), other services (4.78%), and rental income (0.62%) [1]. Group 2: Stock Performance - As of September 19, Huahong's stock price rose by 5.01% to 86.62 CNY per share, with a trading volume of 1.275 billion CNY and a turnover rate of 3.71%, leading to a total market capitalization of 150.166 billion CNY [1]. - The stock has seen a continuous increase over the past seven days, with a cumulative gain of 22.57% during this period [1]. Group 3: Fund Holdings - Bosera Fund's Bosera Sci-Tech 100 ETF (588030) holds a significant position in Huahong, with 2.51% of its net asset value invested, making it the third-largest holding [2]. - The fund has realized a floating profit of approximately 11.9713 million CNY today and 44.0301 million CNY during the seven-day increase [2]. Group 4: Fund Manager Performance - The fund manager of Bosera Sci-Tech 100 ETF, Tang Yibing, has a tenure of 3 years and 61 days, with the fund's total asset size at 9.874 billion CNY [3]. - During his tenure, the fund has achieved a best return of 85.84% and a worst return of -41.93% [3].

Group 1 - Semiconductor stocks continue to rise, with notable increases in shares of Huahong Semiconductor (+7.25%), SMIC (+3.96%), and others [1] - Nvidia plans to invest $5 billion in Intel, potentially becoming one of its largest shareholders with a stake of 4% or more [1] - Intel will customize x86 CPUs for Nvidia in the data center sector and produce x86 system-on-chip solutions integrated with Nvidia's RTX GPUs for personal computing [1] Group 2 - Guosen Securities reports a rapid increase in the semiconductor sector, driven by TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Huahong Semiconductor [1] - The Ministry of Commerce has initiated anti-dumping investigations on US-made analog chips, highlighting a focus on domestic chip production and wafer foundry sectors [1] - Domestic companies like Alibaba and Baidu are developing their own computing chips, indicating a gradual decoupling from overseas technologies in model training [1]

Market Overview - On September 18, Hong Kong's three major indices experienced a pullback, with the Hang Seng Index down 1.35% to 26,544.85 points, the Hang Seng Tech Index down 0.99% to 6,271.22 points, and the National Enterprises Index down 1.46% to 9,456.52 points. The tech sector saw a decline, while the semiconductor and robotics industries performed well, with Hua Hong Semiconductor rising over 8.5% and SMIC up over 2.5% [1] Southbound Capital - On September 18, southbound funds recorded a net inflow of HKD 62.88 billion, with Meituan, Alibaba, and Pop Mart receiving net purchases of HKD 14.12 billion, HKD 12.1 billion, and HKD 12.07 billion, respectively. Year-to-date, the cumulative net inflow of southbound funds has reached HKD 1,099.89 billion, significantly surpassing last year's total [2] U.S. Market Performance - U.S. stock indices reached new closing highs, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94%. Notable gains were seen in Caterpillar and NVIDIA, both rising over 3%. However, many Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.79% [3] Key Developments 1. NVIDIA announced a USD 5 billion investment in Intel, purchasing shares at USD 23.28 each, a 6.5% discount to Intel's previous closing price [4] 2. At Huawei's Connect 2025 event, the company unveiled its Ascend chip roadmap, planning three series of chips through 2028, including the Ascend 950 series [4] 3. Kuaishou's Keling AI launched a new digital human feature, allowing users to create 1080p/48FPS videos from images and text or audio [4] Short Selling Data - On September 18, a total of 641 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 37.879 billion. Alibaba, Baidu, and Tencent had the highest short-selling amounts, at HKD 47.94 billion, HKD 25.6 billion, and HKD 23.06 billion, respectively [5] Institutional Insights - Zheshang Securities highlighted the rapid development of AI applications in Hong Kong's internet sector, suggesting that the sector is at a historical low in valuation. The firm recommends focusing on leading internet companies with AI advancements, such as Alibaba, Baidu, and Tencent, as well as vertical application companies like Kuaishou and Meitu [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, while the Hang Seng Tech Index ETF (513180) includes core AI assets and leading tech companies [7][8]

Core Insights - On September 18, Hong Kong Broadband made its first appearance on the active trading list of Hong Kong Stock Connect in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 763.71 billion, accounting for 36.27% of the day's total trading amount, with a net buying amount of HKD 33.31 billion [2] Trading Activity Summary - The top traded stock was Alibaba-W with a trading volume of HKD 210.72 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 140.50 billion and HKD 91.65 billion, respectively [2] - Over the past month, Alibaba-W and Tencent Holdings were the most frequently listed stocks, appearing 23 times, indicating strong interest from Hong Kong Stock Connect funds [2] Hong Kong Broadband Performance - On the day of its first listing, Hong Kong Broadband had a trading volume of HKD 26.49 billion and a net buying amount of HKD 4.28 billion, with its stock price increasing by 68.55% [2]

Market Overview - On September 18, the Hang Seng Index fell by 1.35%, with southbound trading totaling HKD 210.55 billion, comprising HKD 108.42 billion in buying and HKD 102.13 billion in selling, resulting in a net buying amount of HKD 6.28 billion [1] Southbound Trading Details - Southbound trading through the Shenzhen Stock Connect had a total trading amount of HKD 76.78 billion, with buying at HKD 40.58 billion and selling at HKD 36.20 billion, leading to a net buying of HKD 4.38 billion [1] - The Shanghai Stock Connect recorded a total trading amount of HKD 133.77 billion, with buying at HKD 67.84 billion and selling at HKD 65.93 billion, resulting in a net buying of HKD 1.84 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 210.72 billion, followed by SMIC and Tencent Holdings with HKD 140.50 billion and HKD 91.65 billion respectively [1] - In terms of net buying, Meituan-W led with a net buying amount of HKD 14.12 billion, followed by Alibaba-W with HKD 12.10 billion and Pop Mart with HKD 12.07 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net selling amount of HKD 11.65 billion, while Tencent Holdings and SMIC had net selling amounts of HKD 4.18 billion and HKD 2.77 billion respectively [1] Continuous Net Buying - Two stocks, Alibaba-W and Meituan-W, have seen continuous net buying for over three days, with Alibaba-W having a total net buying of HKD 561.01 billion over 20 days and Meituan-W with HKD 49.01 billion over 4 days [2]

Group 1: Investment Trends - Net purchases of Meituan reached HKD 14.12 billion, Alibaba HKD 12.1 billion, Pop Mart HKD 12.07 billion, Xiaomi HKD 6.6 billion, Hong Kong Broadband HKD 4.27 billion, and UBTECH HKD 1.71 billion [1] - Net sales included HKD 11.65 billion for Hua Hong Semiconductor, HKD 4.18 billion for Tencent, and HKD 2.77 billion for SMIC [1] - Southbound funds have continuously net purchased Alibaba for 20 days, totaling HKD 561.0089 billion, and Meituan for 4 days, totaling HKD 49.0023 billion [1] Group 2: Stock Performance - Alibaba's stock decreased by 2.0% with a net purchase of HKD 3.15 billion [4] - SMIC's stock increased by 2.7% with a net sale of HKD 3.95 billion [4] - Tencent's stock decreased by 3.0% with a net sale of HKD 9.40 billion [4] - Meituan's stock increased by 0.3% with a net purchase of HKD 5.68 billion [4] - Xiaomi's stock decreased by 1.7% with a net purchase of HKD 2.80 billion [4] - Hong Kong Broadband's stock surged by 68.6% with a net purchase of HKD 4.28 billion [4] - Pop Mart's stock increased by 4.6% with a net purchase of HKD 7.43 billion [4] Group 3: Company Insights - Goldman Sachs raised Alibaba's cloud valuation from USD 36 to USD 43 per ADS, with an expected annual growth rate of 30% to 32% for fiscal year 2026 [5] - Alibaba's 12-month target price was increased from USD 163 to USD 179, and the Hong Kong target price from HKD 158 to HKD 174, maintaining a "Buy" rating [5] - Morgan Stanley noted a cautious market sentiment towards Pop Mart but believes in its strong demand driven by a growing customer base and a differentiated business model [5] - Xiaomi's chairman Lei Jun announced that the Xiaomi 17 series will feature significant upgrades to compete directly with the iPhone, with R&D investment increasing from RMB 100 billion to RMB 200 billion over the next five years [6]

Core Insights - On September 18, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 13.163 billion, 9.044 billion, and 5.634 billion respectively [1][2] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 7.909 billion, 5.005 billion, and 3.531 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 13.163 billion, net buying of 0.315 billion [2] - SMIC (00981): Trading amount of 9.044 billion, net selling of 0.395 billion [2] - Tencent Holdings (00700): Trading amount of 5.634 billion, net selling of 0.940 billion [2] - Meituan-W (03690): Trading amount of 4.440 billion, net buying of 0.568 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.518 billion, net buying of 0.280 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 7.909 billion, net buying of 0.895 billion [2] - SMIC (00981): Trading amount of 5.005 billion, net buying of 0.117 billion [2] - Tencent Holdings (00700): Trading amount of 3.531 billion, net buying of 0.522 billion [2] - Meituan-W (03690): Trading amount of 2.495 billion, net buying of 0.844 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.236 billion, net buying of 0.381 billion [2]